Penn Series Information

Fund Profiles
Investment Adviser | |
Investment Sub-Adviser | |
Total Annual Fund Operating Expenses1 |
Penn Series Limited Maturity Bond Fund
Seeks to maximize total return consistent with preservation of capital
The Fund invests primarily in short- to intermediate-term investment grade debt securities of the U.S. government and corporate issuers.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.71% |
Top 10 Holdings2 |
---|
Gs Mortgage-Backed Securities Trust 2021-Pj7 |
Slm Student Loan Trust 2014-2 |
Vista Point Securitization Trust 2020-1 |
Bsprt 2021-Fl6 Issuer Ltd |
Sba Tower Trust |
Nelnet Student Loan Trust 2004-4 |
Ecmc Group Student Loan Trust 2018-2 |
Smb Private Education Loan Trust 2021-C |
Concentrix Corp |
Towd Point Mortgage Trust 2017-4 |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Quality Bond Fund
Seeks the to maximize total return over the long term consistent with the preservation of capital
The Fund invests primarily in marketable investment grade debt securities that are believed to be undervalued based on their quality, maturity and sector in the marketplace.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.68% |
Top 10 Holdings2 |
---|
United States Treasury Note/Bond |
Fannie Mae Pool |
Freddie Mac Pool |
Freddie Mac Remics |
Sequoia Mortgage Trust 2013-3 |
Freddie Mac Pool |
Fremf 2019-K735 Mortgage Trust |
Fremf 2016-K52 Mortgage Trust |
Fremf 2019-K102 Mortgage Trust |
Benchmark 2019-B9 Mortgage Trust |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series High Yield Bond Fund
Seeks to realize high current income
The Fund invests primarily in high-yield corporate bonds that are rated below investment grade, as well as income producing convertible securities and preferred stocks.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.74% |
Top 10 Holdings2 |
---|
Windstream Services Llc / Windstream Escrow Finance Corp |
Majordrive Holdings Iv Llc |
Encino Acquisition Partners Holdings Llc |
Magnolia Oil & Gas Operating Llc / Magnolia Oil & Gas Finance Corp |
Directv Financing Llc / Directv Financing Co-Obligor Inc |
Nova Chemicals Corp |
Expand Energy Corp |
Service Corp International/Us |
Venture Global Lng Inc |
Eg Global Finance Plc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Flexibly Managed Fund
Seeks to maximize total return (capital apprecaition and income)
The Fund invests in common stocks of well established U.S. companies with above-average potential for capital growth as well as convertible securities, preferred stocks, corporate and governmental debt securities.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
Total Annual Fund Operating Expenses1 | 0.88% |

Top 10 Holdings2 |
---|
United States Treasury Note/Bond |
Microsoft Corp |
United States Treasury Note/Bond |
Amazon.Com Inc |
Becton Dickinson & Co |
Nvidia Corp |
Roper Technologies Inc |
Fortive Corp |
Unitedhealth Group Inc |
Revvity Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Balanced Fund
Seeks long-term growth and current income
The Fund invests in a combination of underlying Penn Series Funds with an allocation strategy designed to provide a mix of the growth opportunities of stock investing with the income opportunities of fixed income securities.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.68% |
Top 10 Holdings2 |
---|
Index 500 Fund |
Quality Bond Fund |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Growth Stock Fund
Seeks long-term capital growth
The Fund invests in common stocks of well established companies that are believed to have long-term growth potential and an above-average rate of earnings growth.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
Total Annual Fund Operating Expenses1 | 0.94% |

Top 10 Holdings2 |
---|
Microsoft Corp |
Nvidia Corp |
Apple Inc |
Amazon.Com Inc |
Alphabet Inc |
Meta Platforms Inc |
Eli Lilly & Co |
Visa Inc |
Tesla Inc |
Mastercard Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Growth Fund
Seeks to achieve long-term capital appreciation
The Fund invests in companies believed to have above average earnings growth potential compared to other growth companies.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Massachusetts Financial Services Company |
Total Annual Fund Operating Expenses1 | 0.86% |

Top 10 Holdings2 |
---|
Microsoft Corp |
Apple Inc |
Nvidia Corp |
Visa Inc |
Alphabet Inc |
Accenture Plc |
Aon Plc |
Salesforce Inc |
Church & Dwight Co Inc |
Agilent Technologies Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Growth Fund
Seeks to provide growth of capital
The Fund invests in securities of companies with strong name recognition and sustainable competitive advantages.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Delaware Investments Fund Advisers |
Total Annual Fund Operating Expenses1 | 0.86% |

Top 10 Holdings2 |
---|
Microsoft Corp |
Nvidia Corp |
Apple Inc |
Alphabet Inc |
Amazon.Com Inc |
Visa Inc |
Salesforce Inc |
Intercontinental Exchange Inc |
Unitedhealth Group Inc |
Motorola Solutions Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Value Fund
Seeks to achieve long-term growth of capital
The Fund invests in securities of companies it believes possess a structual competitve advantage or durable market leadership position.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | AllianceBernstein L.P. |
Total Annual Fund Operating Expenses1 | 0.95% |

Top 10 Holdings2 |
---|
Jpmorgan Chase & Co |
Berkshire Hathaway Inc |
Walmart Inc |
Philip Morris International Inc |
Fiserv Inc |
Accenture Plc |
Regeneron Pharmaceuticals Inc |
Citigroup Inc |
Electronic Arts Inc |
Johnson & Johnson |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Value Fund
Seeks total return
The Fund invests primarily in dividend-paying value stocks and may also invest in REITs, non-income producing stocks and fixed-income securities such as convertible debt.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Eaton Vance Management |
Total Annual Fund Operating Expenses1 | 0.91% |

Top 10 Holdings2 |
---|
Wells Fargo & Co |
Bristol-Myers Squibb Co |
The Walt Disney Co |
American International Group Inc |
Cisco Systems Inc |
Bank Of America Corp |
Emerson Electric Co |
Reinsurance Group Of America Inc |
Unitedhealth Group Inc |
Abbvie Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Index 500 Fund
Seeks a total return (capital appreciation and income) which corresponds to that of the S&P 500® Index
The Fund invests in securities of the S&P 500?? Index in an attempt to replicate the performance of the Index.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | SSGA Funds Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.35% |

Top 10 Holdings2 |
---|
Apple Inc |
Nvidia Corp |
Microsoft Corp |
Amazon.Com Inc |
Meta Platforms Inc |
Tesla Inc |
Alphabet Inc - Class A |
Broadcom Inc |
Alphabet Inc - Class C |
Berkshire Hathaway Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Growth Fund
Seeks to maximize capital appreciation
The Fund invests in equity securities believed to have strong earnings growth potential and that are diversified across economic sectors.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Delaware Investments Fund Advisers |
Total Annual Fund Operating Expenses1 | 0.96% |

Top 10 Holdings2 |
---|
Costar Group Inc |
The Trade Desk Inc |
Datadog Inc |
Idexx Laboratories Inc |
Fastenal Co |
Insulet Corp |
Hubspot Inc |
Floor & Decor Holdings Inc |
Trimble Inc |
Pool Corp |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Value Fund
Seeks to achieve growth of capital
The Fund invests in the equity securities of high quality companies believed to be trading at substantial discount to their intrinsic value where there is a strategic plan or event that is expected to both enhance value and narrow the value/price gap.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Janus Henderson Investors US LLC |
Total Annual Fund Operating Expenses1 | 0.83% |

Top 10 Holdings2 |
---|
Entergy Corp |
Expand Energy Corp |
Alliant Energy Corp |
Casey'S General Stores Inc |
Fox Corp |
Freeport-Mcmoran Inc |
Wintrust Financial Corp |
Agree Realty Corp |
Conocophillips |
Lamar Advertising Co |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Core Value Fund
Seeks to achieve capital appreciation
The Fund invests in companies whose stock price may not reflect the company�??s value and hold each stock until its price more accurately reflects the fair value of the company.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | American Century Investment Management, Inc. |
Total Annual Fund Operating Expenses1 | 1.05% |

Top 10 Holdings2 |
---|
Zimmer Biomet Holdings Inc |
Henry Schein Inc |
Enterprise Products Partners Lp |
Conagra Brands Inc |
Edison International |
Us Bancorp |
Willis Towers Watson Plc |
Truist Financial Corp |
Northern Trust Corp |
Norfolk Southern Corp |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Growth Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized growth companies believed to have unique business models, sustainable growth and knowledgeable management teams.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
Total Annual Fund Operating Expenses1 | 1.03% |

Top 10 Holdings2 |
---|
Applied Industrial Technologies Inc |
Hamilton Lane Inc |
Kinsale Capital Group Inc |
Loar Holdings Inc |
Spx Technologies Inc |
Astera Labs Inc |
Manhattan Associates Inc |
Neurocrine Biosciences Inc |
Natera Inc |
Novanta Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Value Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized companies that are believed to be undervalued and have long-term earnings potential.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | AllianceBernstein L.P. |
Total Annual Fund Operating Expenses1 | 1.15% |

Top 10 Holdings2 |
---|
Tapestry Inc |
F5 Inc |
Bath & Body Works Inc |
Ch Robinson Worldwide Inc |
Pentair Plc |
Bj'S Wholesale Club Holdings Inc |
Jones Lang Lasalle Inc |
Encompass Health Corp |
Cameco Corp |
Ncr Atleos Corp |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Growth Fund
Seeks capital appreciation
The Fund invests in small capitalization companies with differentiated business models and sustainable competitive advantages; holds these companies to capture more growth potential over a longer period.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Janus Henderson Investors US LLC |
Total Annual Fund Operating Expenses1 | 0.98% |

Top 10 Holdings2 |
---|
Ss&C Technologies Holdings Inc |
Stride Inc |
Globus Medical Inc |
Mirion Technologies Inc |
The Descartes Systems Group Inc |
Osi Systems Inc |
Crown Holdings Inc |
Lpl Financial Holdings Inc |
Cboe Global Markets Inc |
Summit Materials Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Value Fund
Seeks capital appreciation
The Funds invests in well-positioned cash generating businesses at a price considered low enough to help provide a healthy margin of safety.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
Total Annual Fund Operating Expenses1 | 0.99% |

Top 10 Holdings2 |
---|
Txnm Energy Inc |
Esco Technologies Inc |
Ameris Bancorp |
Home Bancshares Inc/Ar |
Umb Financial Corp |
Arcosa Inc |
Southstate Corp |
Gates Industrial Corp Plc |
Atlantic Union Bankshares Corp |
Asgn Inc |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Index Fund
Seeks a replicate the returns and characteristics of a small cap index
The Fund invests in securities of companies included in the Russell 2000?? Index to attempt to replicate the performance of the Index.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | SSGA Funds Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.71% |

Top 10 Holdings2 |
---|
E-Mini Russ 2000 Mar25 |
Ftai Aviation Ltd |
Sprouts Farmers Market Inc |
Insmed Inc |
Vaxcyte Inc |
Applied Industrial Technologies Inc |
Credo Technology Group Holding Ltd |
Rocket Lab Usa Inc |
Mueller Industries Inc |
Fluor Corp |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Developed International Index Fund
Seeks to replicate the returns and characteristics of an international index composed of securities from developed countries
The Fund invests in securities listed in the Morgan Stanley Capital International?? Europe, Australia, Far East (MSCI EAFE) Index in an attempt to replicate the Index.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | SSGA Funds Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.93% |

Top 10 Holdings2 |
---|
Msci Eafe Mar25 |
Asml Holding Nv |
Novo Nordisk A/S |
Sap Se |
Nestle Sa |
Astrazeneca Plc |
Toyota Motor Corp |
Roche Holding Ag |
Shell Plc |
Novartis Ag |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series International Equity Fund
Seeks to achieve capital appreciation
The Fund invests primarily in higher quality growth companies with consistent operating histories, financial performance and long-term prospects operating in Europe and the Pacific Basin.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Vontobel Asset Management, Inc. |
Total Annual Fund Operating Expenses1 | 1.05% |

Top 10 Holdings2 |
---|
Sap Se |
Constellation Software Inc/Canada |
London Stock Exchange Group Plc |
Wolters Kluwer Nv |
Taiwan Semiconductor Manufacturing Co Ltd |
Rb Global Inc |
Accenture Plc |
Halma Plc |
Tencent Holdings Ltd |
Terumo Corp |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Emerging Markets Equity Fund
Seeks to achieve capital appreciation
The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (or equity-linked instruments) of issuers of any capitalization located in emerging market countries
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Vontobel Asset Management, Inc. |
Total Annual Fund Operating Expenses1 | 1.29% |

Top 10 Holdings2 |
---|
Taiwan Semiconductor Manufacturing Co Ltd |
Tencent Holdings Ltd |
Aia Group Ltd |
Accton Technology Corp |
Cipla Ltd/India |
President Chain Store Corp |
Icici Bank Ltd |
Trip.Com Group Ltd |
Alibaba Group Holding Ltd |
Hon Hai Precision Industry Co Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Real Estate Securities Fund
Seeks to achieve a high total return consistent with reasonable investment risks
The Fund invests in common stocks and other equity securities issued by real estate companies of any market capitalization, including real estate investment trusts (REITs).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | Cohen & Steers Capital Management, Inc. |
Total Annual Fund Operating Expenses1 | 0.97% |

Top 10 Holdings2 |
---|
Welltower Inc |
Digital Realty Trust Inc |
Simon Property Group Inc |
Prologis Inc |
Equinix Inc |
Sba Communications Corp |
American Tower Corp |
Crown Castle Inc |
Sun Communities Inc |
Weyerhaeuser Co |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Aggressive Allocation Fund
Seeks to achieve long-term capital growth consistent with its asset allocation strategy
The Fund invests using a �??fund-of-funds�?� strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (85%-100% of its assets in equity funds and 0%-15% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.15% |
Top 10 Holdings2 |
---|
Index 500 Fund |
Flexibly Managed Fund |
International Equity Fund |
Quality Bond Fund |
Large Cap Value Fund |
Mid Core Value Fund |
Developed International Index |
Real Estate Securities Fund |
Large Core Growth Fund |
Large Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Aggressive Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a �??fund-of-funds�?� strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (70%-100% of its assets in equity funds and 0%-30% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.10% |
Top 10 Holdings2 |
---|
Index 500 Fund |
Quality Bond Fund |
Flexibly Managed Fund |
International Equity Fund |
Large Cap Value Fund |
Mid Core Value Fund |
Developed International Index |
Real Estate Securities Fund |
Large Core Value Fund |
Small Cap Index Fund |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderate Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a �??fund-of-funds�?� strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (50%-70% of its assets in equity funds and 30%-50% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.07% |
Top 10 Holdings2 |
---|
Quality Bond Fund |
Index 500 Fund |
Flexibly Managed Fund |
Mid Core Value Fund |
High Yield Bond Fund |
International Equity Fund |
Developed International Index |
Real Estate Securities Fund |
Limited Maturity Bond Fund |
Large Cap Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a �??fund-of-funds�?� strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (30%-50% of its assets in equity funds and 50%-70% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.07% |
Top 10 Holdings2 |
---|
Quality Bond Fund |
Index 500 Fund |
Flexibly Managed Fund |
Limited Maturity Bond Fund |
High Yield Bond Fund |
International Equity Fund |
Real Estate Securities Fund |
Mid Core Value Fund |
Developed International Index |
Large Cap Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a �??fund-of-funds�?� strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (20%-40% of its assets in equity funds and 60%-80% of its assets in fixed income and money market funds).
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 1.05% |
Top 10 Holdings2 |
---|
Quality Bond Fund |
Limited Maturity Bond Fund |
Flexibly Managed Fund |
Index 500 Fund |
High Yield Bond Fund |
Mid Core Value Fund |
Developed International Index |
Real Estate Securities Fund |
Large Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Money Market Fund
Government money market fund that seeks current income, while preserving capital and liquidity
Invests only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including relating to maturity, diversification, liquidity and credit quality.
Advisers and Expenses | |
---|---|
Investment Adviser | Penn Mutual Asset Management, LLC |
Investment Sub-Adviser | N/A |
Total Annual Fund Operating Expenses1 | 0.60% |
Top 10 Holdings2 |
---|
United States Treasury Bill - 1/16/25 |
Federal Farm Credit Discount Notes - 1/28/25 |
Federal Home Loan Bank Discount Notes - 1/6/25 |
United States Treasury Bill - 1/30/25 |
Federal Home Loan Bank Discount Notes - 1/17/25 |
Fannie Mae Discount Notes - 1/3/25 |
Freddie Mac Discount Notes - 1/7/25 |
Tennessee Valley Authority Discount Notes - 1/8/25 |
Freddie Mac Discount Notes - 1/8/25 |
Freddie Mac Discount Notes - 1/9/25 |
1Total Annual Fund Operating Expenses as of May 1, 2024.
2Holdings information as of December 31, 2024.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual�??s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual�??s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Who's Penn Mutual?
We’re Penn Mutual. A leader in life insurance focused on helping everyone we work with get stronger.